THE 

MINNEAPOLIS 

FOUNDATION 

INCORPORATED  1915 


TRUSTEES: 

MINNEAPOLIS  TRUST  COMPANY 
THE  MINNESOTA  LOAN  AND  TRUST  COMPANY 


Copyright,  1919,  By 
The  Minneapolis  Foundation 


3>G  I 

M  GGG"w^ 


an  aid  to  local  charity 


THE 


MINNEAPOLIS 

FOUNDATION 


INCORPORATED  1915 


ALMOST  every  person  whose  busi-  Problems  in 
ness  efforts  in  Minneapolis  have  met  Charity 
with  some  degree  of  success,  de¬ 
sires  to  make  some  return  to  the  com- 
munity  for  the  benefit  of  those  who  have 


-"been  less  fortunate.  Too  often  these 
)  generous  impulses  are  not  put  into  effect; 
l  there  have  been  no  means  to  carry  them 
out  and  a  wise  arrangement  of  one’s 
I  charitable  gifts  has  therefore  been  a  most 
f°  perplexing  problem. 

A  philanthropic  institution  may  be  well 
managed  and  in  need  of  much  financial 
help  today,  while  five  years  hence  opposite 
conditions  may  exist.  The  difficulty  in 
]  giving  wisely  grows  according  to  the  re- 
3  moteness  of  the  time  for  the  taking  effect 


of  the  gift. 


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THE  MINNEAPOLIS  FOUNDATION 


A  charitable  organization  helpful  and 
essential  now  in  the  betterment  of  the 
community,  may  gradually  lose  its  value. 
A  present-day  problem  may  cease  to  exist 
and  with  its  disappearance  would  go  the 
usefulness  of  the  institution  now  engaged 
in  solving  it. 

In  a  growing  metropolitan  center  like 
Minneapolis,  new  conditions  affecting 
charities  and  philanthropies  are  ever  aris¬ 
ing.  Many  of  our  people  are  foreign-born. 
Bad  housing  conditions  are  apt  to  develop 
among  them.  Vice  conditions  grow  serious 
as  the  city’s  population  increases.  Con¬ 
stricted  school,  police,  fire-fighting,  sewer, 
water  and  transportation  facilities  add  to 
the  complexities  of  the  modern  city. 

Some  donors  are  able  to  give  only  small 
amounts  which  may  not  be  sufficient  for 
the  carrying  out  of  specific  purposes. 


The  Plan  of 
The 

Minneapolis 

Foundation 


To  aid  in  solving  these  and  like  prob¬ 
lems  The  Minneapolis  Foundation  has 
been  organized.  It  aims  to  afford  the 
means  through  which  any  member  of  the 
community  may  give  to  charitable  pur- 


•* 


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poses  in  a  lasting  way.  It  is  a  corporation 
under  the  laws  of  the  State  of  Minnesota, 
authorized  to  receive  money,  securities  or 
other  property  which  may  be  given,  de¬ 
vised  or  bequeathed  to  a  Trustee  for  its 
use  and  benefit,  and  to  expend  the  same 
for  the  following  purposes  stated  in  its 
Articles  of  Incorporation: 

To  administer  and  furnish  relief  and  Its  Purposes 
charity  for  the  care  of  the  sick,  worthy  poor, 
aged  or  helpless,  who  may  reside  in  the 
County  of  Hennepin,  State  of  Minnesota; 

To  improve  living  conditions; 

To  provide  recreation  for  all  classes; 

To  promote  education  and  scientific  re¬ 
search,  and  to  aid  and  assist  such  other 
charities  and  charitable  purposes  as  will 
seem  to  conduce  to  the  mental,  moral  and 
physical  improvement  of  the  people  of  the 
City  of  Minneapolis  and  of  the  County  of 
Hennepin,  without  discrimination  as  to  age, 
sex,  color  or  religious  inclinations  of  the 
beneficiaries; 

To  receive  and  hold  in  trust  for  the 
purposes  above  named,  any  money,  se¬ 
curities  or  other  property  which  may  be 
transferred  to  this  corporation  by  gift, 
bequest  or  otherwise;  and 


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THE 

MINNEAPOLIS 

F  0  U 

N  D  A  T  I  0  N 

To  invest  and 

conserve 

the  same  and 

employ  the  principal  as  directed,  or  divide 
the  net  income  derived  therefrom  to  any 
of  the  said  purposes  designated  by  the  donor, 
or,  if  none  be  designated,  to  such  purposes 
as  the  Trustees  of  The  Foundation  may 
determine. 

In  June,  1915,  and  in  January,  1917, 
Minneapolis  Trust  Company  and  The 
Minnesota  Loan  and  Trust  Company, 
respectively,  passed  a  resolution  in  the 
nature  of  a  declaration  of  trust  defining 
their  relations  with  The  Minneapolis 
Foundation.  Each  company  is  authorized 
to  accept  gifts,  devises  and  bequests,  as 
Trustee  for  the  use  and  benefit  of  The 
Minneapolis  Foundation,  and  is  periodi¬ 
cally  to  pay  over  to  it  the  income  arising 
from  the  trust  property. 

In  some  American  cities  the  trustees  of 
similar  corporations  have  been  picked 
from  the  directors  of  a  single  trust  com¬ 
pany  or  of  a  trust  company  and  a  bank. 
In  Minneapolis  it  was  thought  wise  to 
broaden  the  scope  of  the  local  Foundation 
and  accordingly  twenty-four  of  the 


How  The 
Foundation  Is 
Managed 


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twenty-five  trustees  of  The  Minneapolis 
Foundation  have  been  chosen  from  four 
of  our  large  financial  institutions,  to-wit: 
Minneapolis  Trust  Company,  The  First 
and  Security  National  Bank,  The  Minne¬ 
sota  Loan  and  Trust  Company  and  The 
Northwestern  National  Bank.  The  first 
Board  of  Trustees  is  made  up  of  the 
following: 


James  Ford  Bell 
R.  M.  Bennett 

E.  L.  Carpenter 

F.  A.  Chamberlain 
Joseph  Chapman 
Hovey  C.  Clarke 
Frederic  W.  Clifford 
Albert  C.  Cobb 
Elbridge  C.  Cooke 
John  Crosby 
Edward  W.  Decker 
Karl  DeLaittre 

Oliver  C. 


William  A.  Durst 
Joseph  R.  Kingman 
SumnerT.  McKnight 
Charles  S.  Pillsbury 
John  S.  Pillsbury 
F.  M.  Prince 
Arthur  R.  Rogers 
Charles  V.  Smith 
John  R.  Van  Derlip 
Fred  C.  Van  Dusen 
C.  C.  Webber 
W.  O.  Winston 
Wyman 


First  Board  of 
Trustees 


The  Board  of  Trustees  of  The  Founda¬ 
tion  choose  a  Disbursement  Committee 
from  among  their  own  number.  Funds 
are  paid  out  by  the  Board  upon  the 


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THE  MINNEAPOLIS  FOUNDATION 


written  orders  of  a  majority  of  the 
committee  given  at  regularly  called 
meetings. 

Manner  of  Distribution  of  gifts  is  in  keeping  with 
Distributing  the  donors’  directions.  If  they  wish  in- 
Gifts  come  alone  to  be  expended,  the  principal 
of  a  gift  would  not  be  drawn  upon.  If 
they  recommend  that  certain  charities  be 
benefited,  the  Board  of  Trustees  would 
pay  out  the  funds  for  the  purposes  men¬ 
tioned. 

If  property  be  left  to  be  used  in  the 
discretion  of  The  Foundation,  both  princi¬ 
pal  and  income  would  be  paid  out  at  such 
times  and  for  the  use  of  such  beneficiaries 
or  classes  of  beneficiaries  as  the  Board  of 
Trustees  might  approve.  If  in  their 
judgment  a  charity  should  become  un¬ 
worthy  of  help  or  in  the  event  of  a  partic¬ 
ular  charity  having  ample  funds  for  its 
needs,  the  Board  of  Trustees  would  use 
the  money  for  other  charitable  purposes. 

The  conservatism  and  ability  of  the 
Trustees  to  invest  safely,  and  to  care 
wisely  for  trust  funds;  the  make-up  of  the 


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AN  AID  TO  LOCAL  CHARITY 


Board  of  Trustees  from  among  whom  the 
Disbursement  Committee  is  chosen;  the 
audit  of  all  accounts;  the  publicity  required 
as  to  accounts  and  investments;  and  the 
right  of  visitation  given  to  the  Attorney 
General  of  Minnesota  and  to  the  City 
Attorney  of  Minneapolis,  are  certain  to 
secure  for  The  Minneapolis  Foundation 
:  the  confidence  of  the  public  in  its  proper 
administration. 

From  the  experience  with  similar 
organizations  in  other  cities  it  is  confi¬ 
dently  expected  that  a  large  fund  will  be 
accumulated  in  Minneapolis,  and  it  is 
believed  that  the  general  welfare  will  be 
better  served  if  this  fund  is  an  aggregation 
of  a  great  many  contributions,  making  it 
a  “Community  Trust”  in  the  largest  sense. 

The  following  forms  of  bequests  and 
devises  have  been  suggested: 


I  give  and  bequeath  to.._ . 

Trust  Company,  a  corporation  of  Minneapolis, 
Minnesota,  as  Trustee,  however,  the  sum 

of . Dollars  ($ . ), 

the  entire  net  income  therefrom  to  be  paid, 


Suggested 
Form  of 
Bequest  for 
General 
Purposes 


Page  nine 


THE  MINNEAPOLIS  FOUNDATIOI' 


assigned,  and  transferred  to  The  Minneapolis 
Foundation,  a  Minnesota  corporation,  for  the 
uses  and  purposes  of  said  The  Minneapolis! 
Foundation. 


Suggested 
Form  of 
Bequest  for 
Specific 
Purposes 


Suggested 
Form  of 
Residuary 
Devise  to  take 
Effect  on 
Death  of 
Life-Tenant 


I  give  and  bequeath  to . 

Trust  Company,  a  corporation  of  Minneapolis, 
Minnesota,  as  Trustee,  however,  the  sum 

of . Dollars  ($ . ), 

the  same  to  be  by  it  invested  in  authorized, 
income-producing  securities,  and  the  entire  net 
income  therefrom  to  be  paid  by  it  as  received,' 
and  the  principal  thereof  to  be  paid  upon 
written  request  to  The  Minneapolis  Foundation 
for  the  uses  and  purposes  of  said  The  Minneapolis 
Foundation,  it  being  my  desire,  however,  that 
the  net  income  therefrom  shall  be  devoted  to  the 

support  of . ,  except 

that  in  the  discretion  of  the  Board  of  Trustees 
of  said  Foundation  it  may  be  used  for  the 
purposes  of  said  The  Minneapolis  Foundation. 

After  the  decease  of . 

I  give,  devise  and  bequeath  all  the  rest,  residue 
and  remainder  of  said  properties  so  held  in  trust 

to . Trust  Company, 

a  corporation  of  Minneapolis,  Minnesota,  as 
Trustee,  however,  the  same  to  be  by  it  held, 
managed,  invested  and  reinvested,  and  the 
entire  net  income  from  said  properties  so  to  be 


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ield  in  trust  to  be  paid,  assigned  and  transferred 
q  The  Minneapolis  Foundation,  a  Minnesota 
corporation,  for  the  uses  and  purposes  of  said 
The  Minneapolis  Foundation. 


All  of  the  rest,  residue  and  remainder  of  my 
estate  of  every  nature,  real,  personal  and  mixed, 
whether  now  owned  by  me  or  hereafter  acquired, 
ind  wheresoever  situate,  I  give,  devise  and 

pequeath  to . 

Trust  Company,  a  corporation  of  Minneapolis, 
Minnesota,  as  Trustee,  however,  the  same  to  be 
)y  it  held,  managed,  invested  and  reinvested,  and 
;he  entire  net  income  from  said  properties  so 
:o  be  held  in  trust  to  be  paid,  assigned,  and 
:ransferred  to  The  Minneapolis  Foundation,  a 
Minnesota  corporation,  for  the  uses  and  pur¬ 
poses  of  said  The  Minneapolis  Foundation. 


Suggested 
Form  of 
Residuary 
Devise 


i 


°age  eleven 


